Union Investment sells Torre Oriente office tower in Lisbon

Union Investment Real Estate has agreed to sell the Torre Oriente office tower in Lisbon to a joint venture formed by Sonae Sierra and Bankinter Investment. 

Torre Oriente

While the exact sale price is confidential, it surpasses the property's most recent professional valuation. The deal is projected to be finalised by the close of 2025.
This 14-story office building, situated in northwest Lisbon, provides roughly 27,600 m2 of rentable space and boasts a high occupancy rate of 95.3% based on income. Torre Oriente is an integral component of a larger complex that also includes Torre Occidente and the Colombo Shopping Centre.
Union Investment is divesting the property, which was part of its UniImmo: Global fund, to boost the fund's liquidity and modernise its portfolio. Completed in 2009, Torre Oriente is renowned for its superior construction and energy efficiency, allowing for cost-effective tenant operations. Its flexible floor plates, each approximately 2,000 m2, are appealing to large corporations. The tower's design complements the adjacent Colombo shopping centre and is distinguished by a striking steel crown.
Strategically located, Torre Oriente offers excellent connectivity to Lisbon's city centre and airport via direct access to a major urban motorway and a metro station, making it a prominent feature of the northwest Lisbon skyline.
Martin Schellein, head of Investment Management Europe at Union Investment, commented: "Since its acquisition in 2009, Torre Oriente has generated stable cash flows and positive value growth for the UniImmo: Global fund. With the sale of the office tower, we are taking advantage of a market opportunity in Portugal's recovering investment market, building additional liquidity for the fund and rejuvenating the portfolio at the same time."
Union Investment Real Estate was advised by Pérez-Llorca throughout the process.